Ownership of the means of production by the workers has largely come about, thanks to their pension funds, endowment policies and unit trusts. Control of the means of production has stayed with the small number of fund managers who actually get to vote in company AGMs.
From now on, every collective investment vehicle with a total fund value in equities of £50 million or more has to hold elections every three years for one or more representatives who will exercise the fund's votes on behalf of the investors. Their mandate will be to represent the views of the investors who elected them, and they will not be required to vote with the sole intention of maximising the fund's value, as fund managers are at present. The representatives will be paid by the fund for the work they undertake, which is not expected to be full time. Anyone is eligible to stand for election provided they have not been employed within the past five years, either directly or indirectly (e.g. as a consultant), by the fund management company or by any company which represents more than 1% of the fund's total holdings.
Dictatorship recognises no weekends. More legislation tomorrow.
